25 May 2012

Rambler Metals seeks £10m 

25/03/2011 Robert Tyerman

Canadian gold play Rambler Metals (RMM) plans to raise £10 million at 36p to take its Ming project towards first production later this year. Chaired by seasoned Canadian sector player Harry Dobson, the Surrey-based company, which is quoted on AIM and the Toronto Venture Exchange, says the money will go towards completing the first phase of mine construction at the Ming project in Newfoundland, which it plans to bring into production in the second half of 2011 and take to full production before the end of the year.

Brokers Ocean Equities and Seymour Pierce will handle the placing for loss-making Rambler. The company, steered by chief executive George Ogilvie, recently announced indicated resources for the Upper and Lower Footwall zones of the Ming project of 167,355 tonnes of copper at a grade of 1.7 per cent, 29,775 oz of gold at only 0.09 grammes per tonne of ore, 495,247 oz of silver at a mere 1.56 grammes a tonne and 1,405 tonnes of zinc at 0.011 per cent.  

Floated at 50p six years ago, Rambler shares have traded between 45p and 24.5p over the past 12 months. Now 38.25p, down 1.63p today, they value the company at £36.5 million and offer speculative prospects.      

Tags: AIM market, Gold, Harry Dobson, Newfoundland, Toronto Venture Exchange

Sector: Mining

Companies: Rambler Metals & Mining

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